Aug 12, 2009
No Credit Mortgage - What Will My Mortgage Rate Be?
AUTHOR: Colin Keller
A no credit mortgage often means that you will see a mortgage higher mortgage rate. The fact that you either have no credit or you don’t want to show your credit to the lender means that you are at risk of defaulting. This may or may not be true but this is how the mortgage lender feels. If you are willing to tell them nothing about your financial history obviously there is a reason. Do not get discourage though as there are many lenders out there who will be willing to work with you to find a reasonable rate on your mortgage.
You have probably seen advertisements all over the Internet and television for companies that offer a no credit mortgage. Most of the ads lead to an 800 number where you can contact a representative. While you may not want to give them your whole life story, it is probably a good idea to at least give them a call and see what type of deal they can give you. You never know, in this economy, they might give you a low interest rate mortgage with no credit.
Congratulations on taking the first step in getting a no credit mortgage. By doing the research you are well ahead of most people in your financial position. The next step is to get out there and actually contact some mortgage lenders that offer this service.